All Forum Posts by: Mitch Balgobin

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new development the bank dropped the asking price of 170k to 159k then again within a week to 144k. What can cause them to drop the price in such a short period of time ? I'm considering it again since the numbers seem to more in line with a decent profit projection but I'm concerned ? What should I make of this ? 

thank you Marie and everyone for your advice. The bank I'm looking to do this deal with is asking for 13% interest on the loan amount after 20% down of. 170K

5 points @7200

My monthly holding cost is $2636 taxes 8k,insurance $2200 water gas 75/month , holding for 8 months until sale

Buying cost I have to pay their lawyer fee and my lawyer total $2,400

Title insurance $1500

Selling cost 4% commission $11k other cost  total ~$14,400

When I'm all done on paper I will be losing $ on this deal based on my calculations it seems to me that I will need to find the deal of a lifetime in order for it to work. where and how can I find properties that are more likely to be offered at a price that the numbers will make sense to do a flip  ?? Please help thanks Mitch  

hi everyone my name is Mitch Balgo and I'm almost ready to purchase a home in New Jersey as a flip I'm interested in purchasing a home for 170 K as a flip The home will need an estimated 50 K in repairs and the comps support an after repair value of 270-280 K. I'm calculating the worst and expecting to hold it for 8 months,worst case senerio before selling the property.

1.How can I calculate the cost associated with acquiring the loan,my deposit requirement, closing cost etc. so I can accurately project my holding cost for the loan period. I really want to be sure i'm covering all the bases but I'm not sure that I am. 

Thank You Mitch